The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-25
WALL STREET In A WHIRL
PRICES TAKE A BIG TUMBLE AND
ssss THEN RALLY.

tive and excited with heavy declines. The
market opened with a feeling of confidence in
many of the stocks which suffered so severe
" yesterday, and large supporting orders
were given all over the room. Ina few mo-
ments, however, there was very heavy sell
ing apparent, and report was started that
there had been falling out between Jay
Gould and Russell Sage and Cyrus W. Field.
At the same time Mr.. Bel.dan offered some
heavy blocks Of Manhattan stock which
were taken by Wright S5 Co. and in a short
period the sales by Mr. Berdan amounted to
1000 shares, and Wright & Co.'s purchases
tc II, 900 shares.
THE FIRST BREAK.
These sales were made at about l56, but
as soon as Wright & Co. Is orders were filed
the price broke to 14914, and at that point
Menzicheimer q Co. had a stop order
reached, and they offered the stock down
10 per cent, without making sale. A
rally did not occur until the price reached
100, fall of 361a per cent. from the open
ing figures. The room was covered with
brokers and the decline brought out selling
orders in all classes of securities Western
Union, which held firm for awhile, began
to break about II o'clock, and in quarter
of an hour dropped Sper cent. The fall in
other stocks was correspondingly great.
LOANS REFUSED.
The greatest excitement was in the loan
crowd, where many inquiries were made for
loans on call, but parties who have been
prominent in loaning money refused to lend
any amount, no matter how small
The excitement reached its greatest height
shortly before noon, and a veritGble panic
was developed No attention was paid by
to fraofiOy,e in ha col ,aJa
them, and fluctuations were so wild that
sales were sometimes from to 10 per cent
apart. Stock brought near the opening
were thrown over when the break occurred
and this selling completely demoralized
speculators. The marking down of loans
and the delivery of orders kept the clerks
and messengers fully as busy as the brokers,
and the street was the scene of more excite
ment than has been witnessed since the May
panic of 1885.
SOME OF THE DECLINES.
The greatest declines so far recorded were
on Manhattan-4016 to 116; Missouri Pacific,
II per cent. to 931S; Cotton Seed per cent
to 80; Richmond Terminal 73I to 26; New
England, to 45s4, and Lake Erie and West
ern to $50. The room during the panic
was filed with rumors of all kinds and tele-
grams from all points followed each other
in rapid succession giving selling orders and
making inquiries about many reports, which
were by this time circulated all over the
country.
THE RALLY.
The increased short interest saved the
room from money panic by its demand for
stocks for delivery, and S. Y. White and
some other large operators entered the
market and began buying freely. They soon
gathered large following, and the buying
turned the market almost as rapidly as it
had fallen, and stocks took long jumps back
TO their former prices. Manhattan recov-
cred 20 per cent of its loss, and other stocks
generally recovered about the decline re-
corded. No failures were announced as a re-
suit of the break.
GOULD IN HIS OFFICE.
At 12:45 O'Clock this afternoon Jay Gould
was in his Office at 1876 Broadway, and was
perfectly we'll His son, George Could was
seen by an Associated Press reporter and
asked about the rumors of his fathers
death, and he declared the reports to be ma
licious falsehoods, circulated to affect the
stock market.
At 1890 O'Clock the market had recov-
cred somewhat of its normal tone, and
prices had risen from to 8 per cent. from
the lowest point, the latter Missouri Pacific,
which fell to 90, and at 12 80 o'clock was l01.
Manhattan Elevated, which dropped to 120,
was 12S, and Western Union, which fell to
6S, was 7011.
NO REASON FOR THE PANIC.
There did not seem any good reason for
the panic and it was solely due to bear
raid, assisted by false rumors of Gould's
death and the embarrassment of prominent
gentlemen
At 1850 o'clock a reporter of the Associ-
ated Press saw Mr.. Gould in his Office, and
Mr.. Gould furnished him with the follow
ing letter which he had just sent to John j.
Kiernan:
The bulletin you are putting out that my Man
haitian stock is in loans, is malicious false
hood. Not share OF my Manhattan is in loans
or has my name on the back. nor do owe
dollar in the world. You should promptly con-
tradict Yours truly,
NO QUARREL WITH FIELD.
Mr.. Gould said further that the story that
& and Cyrus w. Field had quarrelled was
untrue, and added that he and Mr. Field
were as good friends as ever The rumor
that Mr.. Field was in trouble was also base
less
At 1s:45 o'clock money was 3-l6 to Il per
diem, but Russell Sage was quoted as having
said that money would be easy from that
tins on. Stocks continued to advance
slightly Notwithstanding the heavy rate for
money, the excitement on the stock board
seemed to have died out and things We're
quieting down rapidly.
WALL STREET PUZZLED.
Wall street was puzzled to account for the
fact that such great decline could occur
without dragging down some of the bull
houses which have been carrying large lines
of stocks, but this was explained by reports
that Messrs. Gould, Field, Vanderbilt and
Philadelphia capitalists had taken up stocks
which were in weak hands, and relieved tEe
holders of the necessity of sacrificing them.
Cyrus w. Field, one report said, had taken
up S7,0O0,000 of Manhattan stock. Mr..
Field and George Gould deny the correct
ness OF the reports that there has been any
disagreement between Messrs. Gould and
Field.
FURRY AT MONTREAL.
A Montreal special to the Post says; The
stock market has been panicky this morn
ing because Of the suspension of Mclver u
Barclay, who have been long" in leading
stocks, principally Montreal Telegraph and
Bank OF Montreal. Their losses are said to
be 300 900, but their liability TO the Stock
Exchange Is small.
FAIRcHILD on THE ALERT.
WASHINGTON, June 24.--Secretary Fair
child said this afternoon at ] 80 o'clock that
be had arranged with Assistant Treasurer
Canda, ut New York, 10 keep him informed
of the condition of affairs In NAll street, c.